Today brings a major update to Positionly. From now on you will be able to track your rank in search engines and compare it to your competitors.
The feature is available in the Website menu and above the graph.
From the competitors menu you can add your competitor’s website address that you want to track.
You can type in the url address manually, or pick a competitor from the Suggested competitors list that is based on the keywords you’re actually tracking.
You will be shown a keyword match with the competitor’s website, as well as the status, which will tell you whenever your website position is better, or worse in reference to your competitor.
Pick the websites you want to track and click Add selected competitors.
In the upper right corner, next to the date range you will see the number of competitors you are tracking. Pick the ones you want to track to update your graph and analyze your results in comparison with your competitors.Competitor analysis is the systematic examination of your rivals in the market. It’s a multidimensional process that involves gathering and evaluating data on your competitors to gain insights into their strategies, strengths, weaknesses, and market positioning. This practice provides invaluable information that enables you to make informed decisions, optimize your own strategies, and ultimately, outperform your rivals.
Why Competitor Analysis MattersCompetitor analysis is the cornerstone of a successful business strategy for several reasons:
- Market Insights: By analyzing competitors, you gain a comprehensive understanding of market trends, customer preferences, and emerging opportunities. This knowledge allows you to tailor your products or services to meet customer demands effectively.
- Identifying Strengths and Weaknesses: Through competitor analysis, you can pinpoint your competitors’ strengths and weaknesses. This insight helps you capitalize on their weaknesses and defend against their strengths.
- Strategic Decision-Making: Armed with competitor insights, you can make strategic decisions with confidence. Whether it’s pricing, marketing, or product development, you’ll be well-equipped to make informed choices.
- Risk Mitigation: Understanding your competitors also means recognizing potential threats to your business. Competitor analysis allows you to proactively address these threats and devise contingency plans.
The Methodology: How to Conduct Competitor AnalysisCompetitor analysis involves a structured approach that encompasses various aspects of your competitors’ operations. Here’s a step-by-step guide to conducting effective competitor analysis:
1. Identify Your CompetitorsBegin by identifying your primary and secondary competitors. Primary competitors are those who directly compete with your products or services, while secondary competitors might offer alternative solutions that address the same customer needs.
2. Gather InformationCollect data on your competitors’ products, pricing, marketing strategies, target demographics, and market share. This data can be obtained through public sources, industry reports, surveys, and even competitor websites.
3. SWOT AnalysisPerform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for each competitor. This helps you visualize their competitive landscape and identify areas where you can gain an advantage.
4. Analyze Marketing StrategiesExamine your competitors’ marketing efforts, including their online presence, social media engagement, content strategies, and advertising campaigns. Identify what works for them and adapt these successful tactics to your advantage.
5. Pricing AnalysisStudy your competitors’ pricing strategies. Are they pricing higher or lower than you? What value propositions do they offer to justify their pricing? This analysis can inform your own pricing decisions.
6. Customer FeedbackLook for customer reviews, comments, and feedback related to your competitors. This will provide insights into their customers’ satisfaction levels and pain points, helping you refine your offerings.
7. Competitive BenchmarkingBenchmark your business against your competitors. Identify areas where you excel and where you need improvement. Use this information to develop strategies that set you apart.
The Implementation: Leveraging Competitor InsightsHaving gathered a wealth of information through competitor analysis, it’s time to put those insights into action:
- Product Development: Use competitor data to fine-tune your product offerings, ensuring they meet or exceed customer expectations.
- Marketing Optimization: Tailor your marketing campaigns to address the weaknesses of your competitors and highlight your unique selling points.
- Pricing Strategy: Adjust your pricing strategy to remain competitive while maximizing profitability.
- Customer Engagement: Leverage competitor feedback to enhance your customer service and engagement strategies.
- Strategic Partnerships: Explore collaboration opportunities with companies that complement your strengths and address your weaknesses.
- Continuous Monitoring: Competitor analysis is not a one-time task. Regularly revisit your analysis to stay ahead of evolving market dynamics.